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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Banking/IDFC First Bank
NSE: IDFCFIRSTB· BankingTurnaround · Aug 26Mid cap

IDFC First Bank

Turnaround: liability franchise ahead of profits

Last close
₹79.46
29 Sept 2026 · reference
1D · 1M
−1.4% · −4.4%
price-only
Weight
2.3%
31 Jul 2026 · Aug rank 20
Thesis review
8 Sep 2026
Why We Own, p30
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p30Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Where the price sits

52-week range, house target and street targets

52w low ₹5952w high ₹88
  • Reference close₹79
  • Nuvama · BUY₹95

Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.

Investment case and valuation

Approved model, 8 Sep 2026 review

₹86.4
Price (2026-09-07)
39.9x / 16.8x
FY27E / FY28E P/E (Buoyant sheet)
4.2%
FY27E ROE (Buoyant sheet)
32.3x
Trailing P/E
1.5x
Price / book
n.a.
EPS CAGR FY26–28E

1.54x trailing book (BV Rs 56.2) and 32x TTM PE (screener, 7-Sep-2026); Axis Direct values it at 1.3x FY28E ABV. Historical 5y average not sourced; 52-week high Rs 87 (Feb-2026). EV/EBITDA n.m.; dividend yield 0.3%.

Model date
8 Sep 2026 (prices 7–8 Sep 2026)
Horizon
12 months (bank pages: Sep-2027 roll-forward)
Audience
Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
Reviewer · version
Investment Committee framework · v1 (book)
Current vs history

Trailing multiples, FY-end

RatioFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
P/E19.8x18.3xn.m.n.m.65.4x186.0x14.7x18.1x27.0x31.4x
Price to Book Value1.4x1.1x1.5x0.7x1.8x1.2x1.4x1.7x1.1x1.1x

Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.

UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for IDFC First Bank plus a reference price. Missing inputs are not substituted.